Ohio Democrats Stand Up to Bush's Social Security Privatization Plan

According to Rep. Tim Ryan, "The Bush administration is preparing to unveil a Social Security privatization scheme that slashes senior's benefits more than 40 percent. Besides being terrible public policy, such a decision is morally bankrupt—breaking a promise to the workers in the 17th District and throughout the nation who have contributed to Social Security for years and are counting on receiving the retirement benefits they have earned." Also from Ryan, "The Republican privatization scheme would dismantle one of the most successful and efficient programs America has ever produced. Ninety-nine percent of Social Security’s revenues are paid out in benefits, while just one percent goes toward the program’s administrative costs. Instead of investing Americans’ earnings in a system that is efficient and secure, the President and Republican Party would have senior citizens risk investing our savings in future Enron’s and WorldCom’s—all so that Wall Street big shots could make a windfall charging seniors large investment fees." Congresswoman Stephanie Tubbs Jones, who serves on the Social Security subcommittee said, "This Administration's plans to privatize Social Security by establishing private accounts will be detrimental to the nest egg that many Americans, particularly minorities depend on in their retirement. Without Social Security nearly 50 percent of our seniors would be living in poverty.” Tubbs Jones calls into questions Pres. Bush's economic policy by stating, "The truth is that Social Security will be fully solvent for the next forty to fifty years, and even after that it will to continue to be able to pay 80 percent of benefits. In fact, the tax cuts President Bush gave away to the wealthiest one percent of Americans could have covered the amount of the long-term Social Security shortfall and there would have still been money left over for other important priorities." Calling the White House's 'bold' initiative on Social Security a "bold violation of trust," Rep. Dennis Kucinich said, "The Social Security Trust Fund is not only secure, but will run a surplus for decades. No other government or corporate entity can say the same thing. The only real danger Social Security faces is the $2 trillion willful destruction planned by this Administration."